Industrial machinery market size is anticipated to grow at a Compound Annual Growth Rate of over 6% from 2015 to 2023: Global Market Insights Inc

Industrial machinery market size is set to grow at a CAGR of over 6% from 2015 to 2023. The increase in population along with high disposable income among middle class people is expected to drive the industry growth over the forecast period.

"The industry is estimated to be driven by number of factors such as rising global demand for cars, which is likely to surge the spending on robotics as well as tools in automotive sector. In addition, plastics as well as rubber industries are anticipated to experience high growth due to the increasing car production. These factors are expected to surge the global demand during the coming few years".

The global industrial machinery market is anticipated to experience huge growth owing to rising investment in sustainable packaging market which requires less input material and generates less waste. In addition, it also facilitates in energy efficient production and improves aesthetic appeal of the product. Thus, the packaging technology is now gaining its prominence in developing countries as processed products are seemed to be more attainable to the growing middle class population.

"Growing sanitation and nutritional awareness are expected to positively impact food and packaging sector over the forecast period which in turn, provides growth avenues for the global industrial machinery market. In addition, rising standard of living is also anticipated to fuel the food and packaging sector. High precision and pace offered by these machines provides huge growth potential to the industry. Proliferating use of these machines aids faster accomplishment of work with high precision. It also aids widening the scope for employment, as it helps in generating employment due to advent of new machinery. The aforementioned factors are responsible for the boost in the demand growth over the forecast period".